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Youngest adults want to be homeowners

On Behalf of | Apr 15, 2019 | Residential Real Estate

Young people in Delaware and throughout the country would have a home as opposed to a vacation or dream wedding. According to a survey from Bank of America, 59 percent of those between the ages of 18 and 23 say that they will buy a home within five years. This would mean that those within this age range would be homeowners before they turn 30. The study involved about 2,000 people who own a home or are planning to.

To accomplish their goal, younger people are planning to go to a less expensive college or live with their parents while saving for a down payment. Individuals who are considered part of Generation Z are more likely to want to buy a house to start a family compared to other generations. This was true for over half of study participants born after 1995 compared to just 40 percent of Millennials.

There are many issues to consider when purchasing a house. First, it is important to find a property that is in good condition and is within an individual’s price range. Next, it is important that the property is located in a neighborhood that is relatively safe and in a convenient location. The location of a property could impact its resale value as well as how easy it could be to sell in the future.

Finally, a buyer should make sure that he or she has received all necessary disclosures about the property from a seller. A lack of disclosure might result in a person buying a home with significant pest, water or other problems. An attorney may be able to ensure that disclosures have been made and review the terms of a purchase contract with a buyer. Attorneys might also review a mortgage contract with a buyer.